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The Behavioral Firm and Its Internal Game: Evolutionary Dynamics of Decision Making

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  • F. de Vries

Abstract

In this paper the firm is analyzed and modeled as a set of different subcoalitions (agents) each with their own objectives. It examines how the goals can be conflicting and in turn how this influences the payoff structure of the subcoalitions given that they follow 'simple' decision rules, i.e. rules of thumb. This implies that the subcoalitions act in aboundedly rational way. To see how these decision making procedures evolve we make use of an (evolutionary) dynamic game theoretical framework. Consequently, the main aim is to address the issue of modeling the dynamic and adaptive nature of the subcoalitions.

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File URL: http://www.iiasa.ac.at/Publications/Documents/IR-99-036.pdf
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Bibliographic Info

Paper provided by International Institute for Applied Systems Analysis in its series Working Papers with number ir99036.

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Date of creation: Aug 1999
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Handle: RePEc:wop:iasawp:ir99036

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  1. Borgers, Tilman & Sarin, Rajiv, 1997. "Learning Through Reinforcement and Replicator Dynamics," Journal of Economic Theory, Elsevier, vol. 77(1), pages 1-14, November.
  2. Bendor, J. & Mookherjee, D. & Ray, D., 1994. "Aspirations, adaptive learning and cooperation in repeated games," Discussion Paper 1994-42, Tilburg University, Center for Economic Research.
  3. Tilman B�rgers & Rajiv Sarin, . "Naive Reinforcement Learning With Endogenous Aspiration," ELSE working papers 037, ESRC Centre on Economics Learning and Social Evolution.
  4. Debraj Ray & Dilip Mookherjee & Fernando Vega Redondo & Rajeeva L. Karandikar, 1996. "Evolving aspirations and cooperation," Working Papers. Serie AD 1996-06, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  5. Itzhak Gilboa & David Schmeidler, 1992. "Case-Based Decision Theory," Discussion Papers 994, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  6. Monderer, Dov & Shapley, Lloyd S., 1996. "Potential Games," Games and Economic Behavior, Elsevier, vol. 14(1), pages 124-143, May.
  7. Y.M. Ermoliev & S.D. Flam, 1997. "Learning in Potential Games," Working Papers ir97022, International Institute for Applied Systems Analysis.
  8. A.V. Kryazhimskii & A. Nentjes & S. Shibayev & A.M. Tarasyev, 1998. "Searching Market Equilibria under Uncertain Utilities," Working Papers ir98007, International Institute for Applied Systems Analysis.
  9. A.V. Kryazhimskii & A.M. Tarasyev, 1998. "Equilibrium and Guaranteeing Solutions in Evolutionary Nonzero Sum Games," Working Papers ir98003, International Institute for Applied Systems Analysis.
  10. Itzhak Gilboa & David Schmeidler, 1993. "Case-Based Optimization," Discussion Papers 1039, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  11. Itzhak Gilboa & David Schmeidler, 1993. "Case-Based Consumer Theory," Discussion Papers 1025, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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